Physicians are well-paid professionals. However, they also have many responsibilities, including paying large amounts of student loans, taxes, and other living expenses. Also, because doctors earn their money during their lifetime, their net worth often does not reflect what one would expect, given their income. What are the doctor’s expenses?
We’ve all heard the rich doctor story. Someone who went to medical school because he knew it would make him rich. A doctor who spends all his money on fancy cars, big houses in the countryside, and expensive trips. In fact, some doctors are like that. You don’t even need to be strong enough to see one. Maybe they are other spendthrifts. Or they may be one of the highest paid types of doctors. But he is not an average doctor.
The average doctor is usually happy at first about their first salary and then feels nervous about the tax it takes. Often, at that time, they realize that their take-home pay is different from what they expected.
Contrary to the stereotype of the rich doctor, the average doctor does not think rich. I asked a group of doctors what their biggest expenses were, and none of them mentioned private jets or designer clothes. Three common answers? Childcare, student loans and mortgage payments.
Turns out the average doctor spends money on ordinary things. Do doctors really earn that much money
If you’ve been reading the news, you’ve probably checked out how much money doctors make. If not, here’s the most commonly cited data from Medscape’s annual physician compensation survey.
Seems like a lot, right? As a medical student, this chart is enough to change some people’s minds about what kind of doctor they want to be.
And as a resident, I can’t wait to get my first paycheck. But now I’m getting this salary, and I don’t feel like I’m rich. Why is that?
Becoming a doctor is a long process. It takes at least 7 years from medical school to residency. Sometimes even longer for those who become professional experts. But when you are in training, you don’t have much time or money.
